Economics
Nigeria Faces Recession Risk as GDP Shrinks in First Quarter
- Crude production fell to 2.11m barrels a day from 2.18m
- Manufacturing, banking and real estate declined in quarter
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Nigeria’s economy risks falling into recession after it shrank in the first quarter as oil output slumped and the manufacturing, financial and real estate industries declined.
Gross domestic product in Africa’s largest economy contracted by 0.36 percent from a year earlier, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Friday. This compares with growth of 2.11 percent in the previous three months. The median of 17 economist estimates compiled by Bloomberg was for growth of 1.8 percent. The last time the economy contracted was the second quarter of 2004, according to data on the central bank’s website.